News

PNX has made a discovery of near-surface high-grade gold mineralisation in its first drilling program at the Banner prospect, within PNX’s 100% owned Fountain Head project in the NT. High-grade gold mineralisation was intersected in three of seven holes drilled, with remaining assays from a further three holes drilled on the northern most section expected to be received and reported shortly. Significant results: 1m @ 5.92 g/t Au from 42m; and 2m @ 5.85 g/t Au from 50m in FHRC079 1m @ 1.70 g/t Au from 46m in FHRC081 2m @ 1.86 g/t Au from 6m; and 6m @ 39.5 g/t

High-grade gold assays have been received from a further 5 RC drill holes at Fountain Head.  The new results were received from drilling to test extensions to the mineralised vein systems associated with the Fountain Head and Tally Ho gold lodes.  Significant results include: 16m @ 1.37 g/t Au from surface in FHRC074 (Fountain Head), including; 1m @ 8.39 g/T Au from 5m 2m @ 4.04 g/t Au from 21m; and 5m @ 3.96 g/t Au from 107m in FHRC076 (Tally Ho lode), including 2m @ 9.17 g/t Au from 110 The first diamond tail completed to test the down-plunge extent of

PNX has commenced an 11 hole, ~1,300 metre RC drill program at its 100% owned Moline Project, approximately 65km east of the Hayes Creek zinc-gold-silver project. Drilling objective is to extend significant gold and base metals mineralisation identified by PNX in 2017. Of note, metallurgical testwork highlights the potential for any Moline ore to be recovered and upgraded to a high-value concentrate through the proposed Hayes Creek process plant.    

Assays from a further three RC holes have been received from drilling at PNX's Fountain Head gold project in the Pine Creek region of the Northern Territory.  New significant results being reported from this batch of assays include: 1m @ 10.86 g/t Au from 29m in FHRC072, and 6m @ 2.05 g/t Au from 2m in FHRC073 Assays from the remaining 17 holes are due to be received over the coming weeks, and diamond drilling targeting the down-plunge potential to commence week of Aug 6.   Fountain Head is the first target in an extensive regional exploration program aimed at identifying

PNX has executed agreements with sophisticated investors and received commitments from Company Directors to raise a total of $3.36 million before costs via the placement of approximately 421 million ordinary shares at a price of 0.8 cents per share. The Placement consists of two tranches ($2.1 million and $1.26 million) and investors are entitled to one free option (‘Option’) for each share subscribed, with the issue of the second tranche of shares and all the Options subject to approval by PNX shareholders. The Placement includes $2 million from new cornerstone investor Delphi Unternehmensberatung Aktiengesellschaft, a German investment company, as well

PNX is pleased to announce receipt of the first batch of assays from a maiden RC drilling campaign at its Fountain Head gold project in the NT.   Assays from 11 of 31 holes have been received, with 7 of the first 11 holes containing significant gold, including 3m @ 11.09 g/t Au from 93m in FHRC062, including 1m @ 29.30 g/t Au from 95m, and 1m @ 28.00 g/t Au from 83m in FHRC07   Assays from the remaining holes will be reported over the coming weeks.  Diamond drilling targeting the down-plunge potential for high-grade gold under the historic mining

PNX is pleased to announce that an initial field visit to its new Kilfoyle Project in the NT has clearly confirmed the prospectivity of these leases for multiple styles of mineralisation, notably lithium and lead-gold-silver: Numerous outcropping pegmatites mapped over a broad area with up to 7.16% (White Rocks prospect) and 6.24% (Goosewing prospect) Li2O in surface sampling Up to 1.92% lead, 115g/t silver and 1.04g/t gold in surface sampling at White Rocks   The Kilfoyle Project is located less than 80km to the west of PNX’s zinc-gold-silver Hayes Creek Project.

PNX is pleased to advise that its application for drill co-funding to test the potential for nickel-copper-cobalt (Ni-Cu-Co) sulphide mineralisation at its Kilfoyle Project north of Daly River in the Northern Territory has been successful.  Co-funding of up to $83k has been secured for a drill program to commence following geophysical targeting.

PNX is pleased to announce that drilling activities have commenced at the Fountain Head gold project, being the first target in an extensive regional exploration program aimed at identifying additional high value mineralisation to complement its Hayes Creek zinc-gold-silver project. High-grade gold mineralisation will be targeted, with numerous open high-grade intersections existing that have not been followed up.  

PNX has signed a binding term sheet to acquire via farm-in, a 90% interest in three exploration licenses in the Litchfield area of the Northern Territory (Kilfoyle Project) located 130km SSW of Darwin, and less than 80km to the west of PNX’s zinc-gold-silver Hayes Creek Project.  The Kilfoyle Project is prospective for a range of commodities (zinc-lead-silver-gold-lithium-nickel-cobalt-copper) and is considered to be an excellent strategic fit with the Company's existing NT projects.